Mobile payments company Skrill has launched a mobile app that it says can send money to anyone, anywhere in the world at any time. The app has several uses, including cross-border remittance payments to various countries in eastern Europe and around the world.
Mobile banking may be on the rise around the world but the bank branch is not dead, according to new research by IT firm GFT Technologies.
The value of international money transfers made via mobile phones will exceed $10bn for the first time this year, according to Juniper Research. However, the cost and complexity of regulating cash transfer has led many service providers to focus exclusively on airtime top ups, the research firm reported.
Coming to the US to tell an audience of payments specialists about how the UK has transformed its national infrastructure over the past five years with the introduction of an effectively real-time payment system might have been considered a rough assignment – what can the Brits teach the wider world, particularly the US, about payments […]
Don Kingsborough, vice president of retail and prepaid products at PayPal, had a clear message for Money2020 delegates in Las Vegas yesterday: “The future is actually now.”
The overwhelming majority of US consumers would not use a mobile wallet, according to a survey carried out by consultancy Consult Hyperion during September.
There comes a tipping point when market readiness, social behaviour and technology combine to create a sudden, ubiquitous change of behaviour. For mobile payments the tipping point may have arrived – but will there be a dominant solution?
Understanding and embracing cross-channel communication behaviours will become increasingly critical to success in the banking industry, writes Steve Dille, SVP of global marketing at Maryland USA based communications firm Message Systems.
Bitcoin is here to stay and will continue to grow, according to experts speaking on separate panels at Money2020 in Las Vegas.
PayPal is belatedly paying some attention to design: in its early days, the company didn’t have designers, so the Pay with PayPal button wasn’t very consistent – sellers could tinker with it and even modify the colour. That’s changing, John Muller, vice president and general counsel, told Money 2020.
Basic security mechanisms in payment and banking systems are poorly applied and are out-gunned by the resources available to cybercriminals, a session at the Money2020 event in Las Vegas was told.
Visa Europe’s decision to place its internal and external communications networks into the hands of BT will help the firm to realise economies of scale and offer a more efficient service to customers, according to Chris Pickles, Head of industry initiatives at BT.
Innovation in financial services may not generate products quite so world-changing as the inventions of Edison, but the principle of finding better ways to do something does inform most developments.
New technologies are transforming the consumer experience in retailing and in banking. For banks to remain relevant, they need to work with innovators, writes Paul Skeldon
Barclays is making a determined effort to capitalise on the two-year lead it has built up with its Pingit mobile payments application with two new applications intended to allow retailers to integrate mobile payments into their services.
Standard Chartered has launched a mobile wallet service targeted at corporate clients in Kenya. The service has been developed in partnership with Safaricom, which operates the mobile money transfer service M-Pesa. The bank hopes the deal will herald the start of a major drive to open up financial inclusion in emerging markets.
The challenging ongoing economic climate and the resulting shrinking markets have created an environment of greatly increased competition. In order to deal with the pressures of recession, retail banks are increasingly being forced into a strategic transformation of business structure, culture and practice. How they interact with customers is a prime focus during these transformations, writes Mike Davies, Regional Vice President Sales EMEA North at GMC Software Technology.
Payments made via mobile devices are fast becoming de rigueur as tablet sales are expected to overtake personal computers by 2017. Shane Fitzpatrick addresses five common myths about m-commerce and how to capture online revenues. Smartphones are already more popular globally than desktop PCs and of the 1.875 billion phones to be sold in 2013, […]
A new trading app has been launched by Interactive Data subsidiary eSignal, which promises to help traders use the iPad to obtain information and market data on the move. A subsidiary of Interactive Data, eSignal is based in California. The firm’s technology is targeted at making it easier for traders to get access to real-time […]
Canada is seeing a fresh push to promote near field communication (NFC) services after Canadian cooperative financial group Desjardin signed a deal with mobile money solutions provider Monitise and a joint venture with the nation’s three largest mobile operators.
Orange and oil and gas group Total have forged a partnership in Africa and the Middle East, providing access to Orange Money services at all Total service stations in the regions, spanning a total of 13 countries to date.
The financial services sector’s growing interdependence between internet-accessible clearing and transaction processing infrastructure means that a successful DDoS attack can have far reaching consequences, such as customer dissatisfaction and loss of trust, brand damage, increased operating costs and lost revenue to name just a few.
The impact of the internet on the banking industry may yet turn out to be far more important than the financial crisis and the subsequent regulatory overhaul. Viewing statements on-line and making payments electronically is just the very beginning of the revolution.
Speakers at the Digital Services Conference hosted by Informa in London on Tuesday expressed frustration at the lack of progress made by mobile wallets in the UK and called for more innovative solutions to bypass the impasse.
Innotribe, the Swift-backed initiative to enable collaborative innovation in financial services, has announced the names of the five contenders from the US leg of its annual Startup Challenge to compete at Sibos 2013 in Dubai in September.
The extent to which a targeted series of acquisitions over the past few years have moved Temenos from being simply a core banking system vendor to a fully-fledged financial technology specialist became clear at its recent annual user event, this year held in Abu Dhabi.
Innovation in financial services is currently at a seven-year low, reflecting a period of cost-cutting and scaling back in the face of new financial regulation – but innovative new technologies such as mobile may provide a solution, according to law firm RPC.
The idea of sending money via email is not entirely new. This month, however, a new financial player entered this arena: Google announced that it will integrate Google Wallet into Gmail.
The $400 billion global remittances market is moving from cash to account-based transfer, but costs, regulations and new competitors are still the key issues.
Traditional finance is not as we once knew it. The internet has completely disrupted the financial services value chain. The banks are struggling to keep up with advancing technology. Understanding mobile, cloud computing, social media, big data and how to utilise each capability are key challenges for the banks to overcome.
The themes of security, identity and mobility ran strongly through the Cards and Payments Middle East conference in Dubai this week – and not just because the event itself is sandwiched between related and interlinked events focusing on Mobile and Identity.
Across Europe many banks feel unprepared for the next phase of the ‘digital revolution’, while factors such as expensive compliance regulations, poor data management and outdated systems are constraining them from implementing new solutions
Retail banking is changing through many external forces. The on-going global financial crisis has impacted the regulation surrounding the banking industry, but there are other factors changing the environment banks find themselves operating in.
Milan-based financial technology firm SIA is expanding its reach to New York later this year in a move that caps the latest-phase of a three-year recovery plan for the firm. The extension of SIA’s Financial Ring to New York follows that activation of a hub in Frankfurt is the third cornerstone, after Milan and London, […]
NFC is gradually beginning to overcome the obstacles that have held back development. Banks should prepare for the coming upswing in usage, according to a new report by financial research firm Celent.
Rabobank’s Inneke Bussemaker talks about The Brave New World of Payments session she chaired at IPS 2013, taking a critical look at the future of how payments work in a world where corporates will have to adapt to a consumer-driven agenda.
Financial institutions have owned the commercial payment space for centuries, but are now seeing a threat to their incumbency from new technologies that have opened up the industry to other business sectors. Mobile transactions in particular are shaking-up banking.
Brett King, founder of Moven, speaks to Banking Technology editor David Bannister about how banks have to cope with the move to a virtual world and the emergence of what he calls “smarter payments”.
Protect your transactions! Protect your login! Protect your mobile channel! Protect your end users! A layered security architecture is now standard for most organisations. The problem, however, with many of today’s layered security solutions is that they do not correlate information between the various layers (security risks, suspicious events, fraud indicators etc.) and thus fail to see the big picture.
As Banking 3.0 continues its inexorable rise, banks are increasingly turning to hosted mobile services developed with vendors – but there is still more work to be done before mobile banking becomes mainstream, according to a new report by analyst firm Celent.
